Even better advice for Yellen comes from Vedder’s and - TopicsExpress

Even better advice for Yellen comes from Vedder’s and Gallaway’s The Fraud of Macroeconomic Stabilization Policy. Their major conclusions are 1. “Ex post attempts at implementing stabilization policy are destabilizing, not stabilizing”; and 2. Therefore, the notion of short-run contracyclical macroeconomic policymaking is an exercise in futility” [emphasis added]. Per Vedder and Gallaway policy makers would do much better following Bastiat, not John M. Keynes: bastiat.mises.org/2014/01/sound-advice-for-janet-yellen/

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